Journal of Applied Economic Research
ISSN 2712-7435
Modern Trends of International Financial Regulation: Impact on Global Economy
Tabakh A.V., Podrugina A.V.
Abstract
Abstract. A tendency to toughening financial regulation and integration of financial regulators into national and transnational ones is observed in the post-crisis period. On the one hand, it leads to homogeneity and harmonization of national and transnational financial regulatory systems. On the other hand, tougher financial regulation results in a slowdown of economic growth. The economic situation has a significant impact on consequences of imposing new financial standards: regulatory failures in the crisis period, present monetary policy, low interest rates, credit crunch. The purpose of the paper is analysis of the consequences of financial regulation toughening – Basel II and Basel III agreement, FATCA (American law toughening regulation of taxation of foreign financial accounts), tendencies towards the integration of financial regulators and establishment of megaregulators in the light of current economic environment. Prospects of the influence of new financial standards on the global economy in the short-run and medium-term periods are revealed using theoretical research and contrastive analysis of macroeconomic statistical data. All discussed measures lead to both positive and negative consequences. The positive side is financial market stabilization (in the case of FATCA – tax revenue stabilization and increase); the negative side is the slowdown of economic growth. The authors believe that the tendency to toughening financial regulation, comprehensive coordination on at the country, region and global levels, enhancing transparency of financial regulation will intensify in the short-run and medium term. However one-sided measures such as as FATCA are losing popularity.
Keywords
Key words: financial supervision; megaregulator; financial surveillance; credit crunch; crisis; economic growth.
About Authors
DOI: http://dx.doi.org/10.15826/vestnik.2016.15.5.37
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